Recommendation: HOLD · Rating 5,5/10
RZAK11 is Riza Asset's largest multi-strategy paper REIT: 35 CRIs + 9 REITs spread across eight management divisions (Real Estate, Infra, Securitization, Agro, Direct Lending, Allocation, and Fixed Income) and four macro strategies (Structured Credit, Retail, Real Receivables Acquisition, Portfolio). The portfolio carries 49% in IPCA+ at a 10.11% p.a. spread, 31% in CDI+ at 3.34%, and 11% in INCC-DI+ at 11.88% — well balanced for the current rate cycle.
The fund has paid R$ 1.10/unit for 7 consecutive months with a 12m DY of 16.0% (based on R$ 83.39 unit price as of 01/06/2026), P/BV of 0.94, and a book value per unit of R$ 88.36. Management guidance is R$ 1.00–R$ 1.10/month for the next three months, supported by R$ 0.42/unit in retained earnings (~R$ 3.7M). The main risk is residual exposure to Starbucks CRIs (R$ 6.5M under bankruptcy protection since Dec/2023) and a 2025 payout of 102.5% — distributions slightly above earnings, funded by retained reserves and REIT capital gains. For investors who embrace complexity and seek high income indexed to IPCA+ and CDI, this is one of Riza's strongest offerings.
RZAK11 is Riza Asset's largest multi-strategy paper REIT and provides exposure to 8 simultaneous management divisions (Real Estate, Infra, Securitization, Agro, Direct Lending, Allocation, Fixed Income). Rather than a "classic" paper REIT focused solely on corporate IPCA+ CRIs, RZAK11 combines homebuilder CRIs (Mitre, Direcional, MRV), infrastructure CRIs (solar energy, ports), diversified-pool CRIs (Helbor, Galleria), and units of sister REITs from the Riza family (RZAT11, RZLC11, BRL Direcional, etc.).
The thesis works on three fronts: (1) High income with credit-risk diversification — 16.0% DY with 49% IPCA+ at 10.11% and 31% CDI+ at 3.34%, spread across 51 assets; (2) Proprietary Riza origination — 8 in-house divisions originate CRIs and structures that other managers cannot access; (3) Explicit IPCA/CDI hedge — the portfolio is designed to capture capital appreciation when the yield curve rallies AND higher carry when SELIC is elevated. The R$ 1.00–R$ 1.10/month guidance points to stable DPS at least through Jul/2026.
R$ 6.54 million of the original R$ 50.2 million in Starbucks CRIs III, IV, and V — issued by SRC 6/Southrock — have been under bankruptcy protection for 28 months. Zamp acquired the Starbucks Brazil operation in Jun/2024 for R$ 101.8M, but the proceeds went to labor and supplier debts — the CRIs were excluded from scope. Current collateral is approximately R$ 3M in credit card receivables judicially retained. The remaining balance is under negotiation for a multi-year installment agreement contingent on a successful restructuring.
For full-year 2025, the fund reported cash earnings of R$ 107.8M (R$ 12.24/unit) and distributed R$ 110.5M (R$ 12.55/unit) — a 102.5% payout. The excess came from retained reserves built in prior months. In January/2026 alone, the payout was 161% (R$ 0.68 generated vs R$ 1.10 distributed), driven by postponed REIT capital-gain events. This pace is only sustainable because the fund retains part of stronger months as reserves — as of Feb/26, R$ 0.42/unit remains in retained earnings.
The fund operates with gross leverage of 102.87% of net assets (R$ 798M in assets over R$ 776M in net assets) using reverse repurchase agreements. The liability appears as R$ 35.1 million in "Other amounts payable" in the Mar/26 Monthly Report. The strategy amplifies returns, but in a high-rate environment the cost of the structure erodes part of the carry. In 2025, financial expense swung between +R$ 4.2M and -R$ 1.5M per month.
Despite the "multi-strategy" label, the fund is concentrated in the Real Estate division (42.92% of net assets), followed by Securitization & Portfolios (24.80%) and Infrastructure (21.75%). A downturn for residential developers — the primary Real Estate borrowers (CFL Inc., Mitre, Direcional, MRV) — would disproportionately affect the fund. A 35-CRI portfolio reduces, but does not eliminate, this sector risk.
The fund charges 15% on returns exceeding CDI (with no IPCA benchmark, unlike RZAT11). With SELIC at 15% p.a., the hurdle rate is demanding — in Dec/2025, the performance fee amounted to R$ 1.46M (R$ 0.17/unit), reducing available retained earnings. For all of 2025, R$ 1.46M was paid in performance fees, meaning the fee only triggers in exceptional months.
The Central Bank signaled the start of a SELIC cutting cycle (currently at 15% p.a.) — management cited this explicitly in Feb/2026. 31% of the portfolio is CDI+ at an average spread of 3.34%, so a 200–300 bps drop in SELIC would directly reduce fund carry. The mitigating factor is the heavy IPCA+ allocation (49%), but the impact could be visible in 2027 if the cycle materializes as expected.
Our current reading of RZAK11 is HOLD, with a score of 5,5/10. This score comes neither from the manager nor the administrator: it is Rico aos Poucos' editorial assessment, built from the documents the fund files with the CVM. Below is what supports it — and what argues against it.
8 Riza Asset management divisions, 16.0% DY with P/BV 0.94 and genuine sector diversification (Real Estate 43%, Securitization 25%, Infra 22%). R$ 0.42/unit reserve supports near-term DPS.
Gross leverage 102.87% via reverse repos, payout 102.5% in 2025 (161% in Jan/26 alone), Starbucks CRIs in bankruptcy for 28 months, and a 15% over CDI performance fee represent structural fragility. It ranks above GCRI11 on scale (net assets R$ 778M vs R$ 131M) and divisional diversification.
RZAK11 holds ~10% of net assets in Riza REITs (RZAT11, RZLC11, RZLC15, BRL Direcional). In a systemic Riza stress event, these assets correlate strongly with RZAK11 — apparent diversification is lower than it seems.
INCC-DI+ tracks construction costs, which diverge from IPCA during real estate cycles. In a sharp housing slowdown (falling INCC), 11% of the portfolio earns less than an IPCA-equivalent.
R$ 10M in CRIs maturing in 1–2 months. Reinvestment in a falling SELIC cycle may yield lower spreads.
Financial expense swung between +R$ 4.3M (Oct/25, gain) and -R$ 1.5M (Jan/26, loss). In bad months, this consumes up to R$ 0.17/unit.
Riza REIT units pay the REIT's dividend, but RZAK11 "doubles" the net assets percentage of those assets on a full look-through basis (~17% if all positions are counted). Real Mitre exposure is higher than the Management Report suggests when looking only at direct CRIs (CRI direct + Mitre via FII Ícone).
| Scenario | Description |
|---|---|
| Orderly SELIC cut in 2026 | Central Bank signals start of cycle. IPCA+ appreciates, CDI+ falls marginally. Portfolio gains on a mark-to-market basis; DPS stable via guidance. |
| Starbucks settlement closed in 2026 | Recovery of remaining R$ 6.5M in an installment agreement would release R$ 0.30–0.70/unit over 2–3 years. |
| New credit event at a mid-market homebuilder | RZAK11 has meaningful exposure to Mitre, MRV, Direcional, Tenda. Sector stress could generate additional credit loss provisions. |
| Inflation stays low (IPCA<4%) for 2 years | 49% of the portfolio is IPCA+. A prolonged low-IPCA cycle directly reduces monthly cash earnings proportionally. |
| SELIC maintained at 15% for 12+ months | 31% CDI+ keeps performing well; management can maintain R$ 1.00–1.10 guidance. |
RZAK11 is a solid choice of multi-strategy paper REIT for investors who understand the complexity-vs-internal-diversification trade-off. It does not require holding 4–5 separate REITs. The combination of 8 divisions (Real Estate, Infra, Securitization, Agro, Direct Lending, Allocation, Fixed Income) in a single vehicle is genuinely differentiated — Riza has proprietary origination that other managers cannot access.
The current DPS of R$ 1.10/month is sustainable in the near-to-medium term (R$ 0.42/unit in retained earnings + R$ 23M in cash cover 2–3 quarters even at 105% payout). Management guidance is R$ 1.00–R$ 1.10 for the next 3 months, and the P/BV of 0.94 offers a small discount to book value. The R$ 83.39 unit price (01/06/2026) is below the estimated fair value of R$ 92, with ~10% upside in the base case.
The main risks are concentration in Direcional (~14%) and Mitre (~7.5%) on a look-through basis, residual exposure to Starbucks CRIs (R$ 6.5M in bankruptcy since Dec/2023), and leverage of 102.87% via reverse repos. For a moderately aggressive investor profile (3.6/5.0 on our model) who embraces complexity, this is one of Riza's strongest offerings.
Current recommendation: HOLD. Rating 5,5/10. RZAK11 is Riza Asset's largest multi-strategy paper REIT: 35 CRIs + 9 REITs spread across eight management divisions (Real Estate, Infra, Securitization, Agro, Direct Lending, Allocation, and Fixed Income) and four macro strategies (Structured Credit, Retail, Real Receivables…
Our current read on RZAK11 is “HOLD”. Rating 5,5/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Riza Akin FII include: Starbucks CRIs under bankruptcy protection since Dec/2023; 2025 payout of 102.5% — distributed more than it earned; 102.87% leverage via reverse repurchase agreements; Real Estate concentration (43% of net assets).
RZAK11 is suitable for: Investors seeking multi-strategy CRI exposure with active Riza management Those who accept complexity (8 divisions, 51 assets) in exchange for high DY and internal diversification Profiles seeking an implicit IPCA/CDI hedge without holding two separate REITs